MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

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8:45 AM

Nifty outlook by Tradebulls securities

 

As expected the index witnessed a move towards the confluence zone of its 200 DEMA & 20 EMA placed now around 10750-10710. Post a rally of nearly 600 points from its swing bottom around 10138 the index witnessed some bouts of profit booking as the index slipped back towards its 5 DEMA support placed around 10480. 

 

India VIX, on the other hand, has witnessed a cool off of around 4% during the week & seems have shifted its range to 20-15.50. Abrupt spurts of high volatility remain the catalyst during this bottoming out process & hence the index could witness some range action within 10300-10700 for the next few sessions too. Consolidation post the surge would help stabilize the trend as it evolves for its next journey towards 10930 which remains the Weeks EMA. Hence the strategy remains for investors to accumulate quality while traders can add fresh longs near the 10280 zone with a stop below 10120 for the next move towards 10930 to be witnessed in the next few weeks ahead. Click here to read more

8:40 AM

Oil check

 

Oil prices nudged higher on Friday but were set for a second weekly drop amid higher US crude inventories, an ongoing Sino-US trade war and concerns over the death of a prominent Saudi journalist, according to a Reuters report. For the week, US crude was down 3.5 per cent, while Brent was 1.1 percent lower, putting both on track for a second consecutive weekly decline.

8:35 AM

Rupee skids 13 paise to close at 73.61/$ amid steady capital outflow

 

The rupee surrendered all the gains made during the day and settled 13 paise lower at 73.61 against the US dollar on Wednesday amid steady capital outflows and strengthening of the American currency. The US dollar strengthened against its rivals ahead of the Federal Reserve's release of minutes from the September meeting.

8:30 AM

SGX Nifty

 

Negative global cues have weighed on Nifty futures on the Singaporean exchange as well. The SGX Nifty is trading over 70 points lower, hinting at a lower start on Friday morning here and is likely to test 10,300-mark as well.

8:25 AM

Asian Markets

 

Stocks in Asia fell on Friday as global sentiment soured on issues ranging from trade worries, Italy’s 2019 budget, higher U.S. interest rates and growth concerns in China that led to a slump in Chinese shares in the previous session. Early in the trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.4 per cent weaker following losses on Wall Street overnight.

8:20 AM

Wall street

US stocks fell more than 1 per cent on Thursday as the European Commission issued a warning regarding Italy’s budget and concerns mounted over the possibility of strained relations between the United States and Saudi Arabia, further denting investors’ appetite for risk amid global trade tensions and rising interest rates. The benchmark S&P 500 index closed just above its 200-day moving average, a key indicator of long-term price trends.

8:15 AM

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